For now, there is no visible decent long pattern on the BTC chart. Moreover, there is the already mentioned "Bearish Wedge" with a specified target of $77,110, and inside it - a "Triangle", with a fully realized target of $83,308 halfway already. At this moment, the price is dropping below $86,000.
Therefore, let's clarify about the long - if it happens - it will be distinctly counter-trend. Definitely with a stop. We will try from the extremes with a reversal on the lower 5-minute timeframe, most likely.
So far, there are not even hints of an attempt to reverse. Only important Strong signal markers of potential lows. It is necessary to consider them. But betting on them without a plan "B" is not advisable, of course.
By the way, let's talk about how today the P73 CryptoMarket Monitor handled market forecasts, its auto-forecasts are having a hot day today:
- Last night, with the rate at $88,172, close to the low, it forecasted a high probability of a rebound (even though it was only +2.8% from the low, weaker than expected). The price eventually rose to a high of $90,052.
- Even before this high, in the morning with the rate at $89,015, it forecasted an average probability of a correction. However, an hour later it clarified that "the trend remains upward and after the correction, a continuation of growth is likely.". And here - clearly a miss, the price went to a new local low.
- Then, when processing the correction probability signal at a rate of $87,033, the monitor gave a short-term forecast of an average probability of continued correction. As we can see - it is still ongoing.
- Right now, our P73 CryptoMarket Monitor has given a new, already fourth forecast for the day: "High probability of a market rebound, with chances of a full reversal. In the coming hours."
So let's see what the next few hours will show, we are waiting.
Soon we will plot all the workings of our algorithm's auto-forecasts on a separate chart for BTC.
